Bitcoin and Altcoins Undergo Market Downturn

比特幣和山寨幣經歷市場低迷

The cryptocurrency market is experiencing a challenging period, with Bitcoin (BTC) facing a downturn. After nearing $100,000, BTC now trades around $93,230. Analysts predict a further potential decline to $92,000 or lower. This halt of the rapid rally has impacted the entire market. Major altcoins such as Dogecoin (DOGE) and Solana (SOL) have also incurred substantial losses, causing investor apprehension.

加密貨幣市場正經歷一個充滿挑戰的時期，比特幣（BTC）面臨低迷。在接近 10 萬美元後，BTC 目前交易價格約為 93,230 美元。分析師預測價格可能進一步下跌至 92,000 美元或更低。快速上漲的停止影響了整個市場。狗狗幣（DOGE）和索拉納（SOL）等主要山寨幣也遭受了巨額損失，引起了投資者的擔憂。

Bitcoin's Volatility and M2 Money Supply Correlation

比特幣的波動性與 M2 貨幣供應量的相關性

Bitcoin's recent price fluctuations have reignited discussions about its connection to the M2 money supply. Experts observe that BTC has closely tracked global liquidity trends with a notable delay. This pattern suggests Bitcoin may potentially decline by another 20%, possibly landing around $88,000.

比特幣最近的價格波動重新引發了有關其與 M2 貨幣供應量關係的討論。專家觀察到，比特幣密切追蹤全球流動性趨勢，但明顯落後。這種模式表明比特幣可能會再下跌 20%，跌至 88,000 美元左右。

Crypto analyst Joe Consorti emphasized this connection as "shockingly accurate." However, critics argue that Bitcoin's volatility undermines the reliability of such correlations. Nevertheless, the current price action and selling pressure from long-term holders indicate a cooling-off period for BTC. Glassnode's data reveals that over 366,000 BTC have been offloaded monthly, supporting the bearish outlook.

加密貨幣分析師 Joe Consorti 強調這種聯繫「準確得令人震驚」。然而，批評者認為，比特幣的波動性破壞了這種相關性的可靠性。儘管如此，當前的價格走勢和長期持有者的拋售壓力表明比特幣正處於冷靜期。 Glassnode 的數據顯示，每月有超過 366,000 枚 BTC 被拋售，支撐了看跌的前景。

Broader Crypto Market Decline

加密貨幣市場整體下滑

The broader crypto market has been severely affected, with its total capitalization dropping by 5% within 24 hours. Altcoins like DOGE and SOL have led the decline, with DOGE losing over 12% and SOL dropping by approximately 10%. Bitcoin's dip below $94,000 further exacerbated the situation, resulting in market-wide liquidations exceeding $691 million.

更廣泛的加密市場受到嚴重影響，總市值在 24 小時內下跌了 5%。 DOGE 和 SOL 等山寨幣領跌，其中 DOGE 下跌超過 12%，SOL 下跌約 10%。比特幣跌破 94,000 美元進一步加劇了這種情況，導致整個市場清算超過 6.91 億美元。

Despite a surge in trading activity, DOGE failed to sustain its price. Similarly, Solana faced intense sell-offs, resulting in its market cap declining significantly. Analysts view this downturn as a necessary correction, with excessive leverage contributing to recent volatility. It serves as a reminder of the inherent unpredictability of the crypto market.

儘管交易活動激增，但 DOGE 未能維持其價格。同樣，Solana 也面臨劇烈拋售，導致其市值大幅下降。分析師認為，此次經濟低迷是必要的調整，過度槓桿化導致了近期的波動。它提醒人們加密市場固有的不可預測性。

ETF Inflows Reflect Market Anxiety

ETF 流入反映市場焦慮

Exchange-traded funds (ETFs) provide another indication of the market's instability. Spot Bitcoin ETFs have witnessed $438 million in outflows, a stark reversal from the billions in inflows earlier this month. These outflows coincided with Bitcoin's inability to maintain its $94,000 support level. Grayscale's GBTC and Bitwise's BITB were among the most impacted funds.

交易所交易基金（ETF）是市場不穩定的另一個跡象。現貨比特幣 ETF 資金流出 4.38 億美元，與本月初數十億美元的資金流入形成鮮明對比。這些資金流出恰逢比特幣無法維持其 94,000 美元的支撐位。 Grayscale 的 GBTC 和 Bitwise 的 BITB 是受影響最嚴重的基金之一。

Ethereum ETFs, however, have performed somewhat better, experiencing modest inflows. However, the overall trend highlights growing investor caution. With BTC losing momentum and altcoins floundering, the ETF market mirrors the uncertainty prevalent in the crypto space.

然而，以太坊 ETF 的表現稍好一些，資金流入溫和。然而，整體趨勢凸顯投資人日益謹慎。隨著 BTC 失去動力，山寨幣陷入困境，ETF 市場反映了加密貨幣領域普遍存在的不確定性。

Bitcoin's Recovery Prospects

比特幣的復甦前景

The crucial question is whether Bitcoin can regain its upward trajectory. Some analysts believe BTC may find support around $85,000, while others anticipate a potential resumption of the rally. However, with M2 money supply trends and market corrections looming, the path forward appears uncertain.

關鍵問題是比特幣能否重拾上升軌跡。一些分析師認為 BTC 可能會在 85,000 美元左右找到支撐，而其他分析師預計可能會恢復反彈。然而，隨著M2貨幣供應趨勢和市場調整的臨近，前進的道路似乎充滿不確定性。

Currently, the crypto market remains volatile. Glassnode's reports of increased selling by long-term holders and the struggles of major altcoins such as DOGE and SOL contribute to the bearish sentiment. As economic factors like inflation and Federal Reserve policies come into play, crypto enthusiasts await a return to calmer market conditions.

目前，加密貨幣市場仍波動。 Glassnode 的報告稱，長期持有者拋售增加，以及 DOGE 和 SOL 等主要山寨幣陷入困境，加劇了看跌情緒。隨著通貨膨脹和聯準會政策等經濟因素發揮作用，加密貨幣愛好者等待市場狀況恢復平靜。

The crypto market's volatile nature continues to manifest, demonstrating that volatility is its defining characteristic. While Bitcoin's potential to reach $100,000 remains a possibility, the journey ahead appears complex and uncertain. Stay informed, trade cautiously, and monitor the market closely for updates.

加密貨幣市場的波動性持續顯現，顯示波動性是其定義特徵。儘管比特幣仍有可能達到 10 萬美元，但未來的旅程似乎複雜且不確定。隨時了解情況，謹慎交易，並密切關注市場動態。